Management Thoughts for Entrepreneurs

Entrepreneurs, generally speaking, like to get things done fast and are impatient for results. While that bias for action is often necessary for gaining competitive advantage, it has to be tempered with rational thought.

Certain events and situations call for quick action when thoughtful deliberation can be costly. However, major decisions cannot be rushed using a bias for action. Analyzing the pros and cons of various alternatives by soliciting input from key stakeholders is critical for the successful implementation of the optimal decision. Once the decision is made, a bias for action would be helpful for quicker implementation.

Entrepreneurs normally do not have to worry about this, but overdependence on rigorous analysis (or “paralysis by analysis”) prior to making decisions is not a positive leadership trait.

How often do you face situations where people appear to be hearing you intently, but end up doing some thing quite contrary or not exactly in line with what you were asking them to do. Invariably in all these situations, people are indeed hearing you, but not listening. There is a significant distinction.

The other day I was in a restaurant and asked the waitress for a glass of water without ice. She did bring me the glass of water, but with ice. She heard me say water, but did not listen completely for it to register that I did not want ice.

Entrepreneurs need to be aware that what they ask their people may be heard by them, but they might not be listening completely to follow the request correctly. What should Entrepreneurs do? Develop a routine to ask their people to repeat or paraphrase what is being requested of them, especially for significant issues. This allows the Entrepreneur to confirm that the listening process was correct and complete.

On the other hand, Entrepreneurs should be mindful that they too listen to their employees completely and do not fall into the trap of perfunctory hearing. Effective communication is a two-way street!

Starting meetings on schedule shows a respect for the other participants’ time and a commitment to the agenda on hand. The lack of discipline in starting meetings late could be reflective of the lackadaisical attitude in other parts of your organization.

How much do you, Entrepreneurs, contribute to starting meetings late? Do the other participants have to constantly wait for you? Do you notify others that you might be late and appoint someone else to start the meeting?

Leadership by example is also applicable to running on-time meetings. Do the Right Things!

After having celebrated Memorial Day remembering all veterans who have sacrificed themselves for giving freedom and liberty to our country and other nations in the world, I was wondering what Entrepreneurs can do for current veterans.

When you hire employees, do you consider veterans? Serving in our armed forces instills discipline, adherence to established processes, teamwork, courage, overcoming adversity and other fine attributes that Entrepreneurs should be seeking from qualified prospects.

I suggest that Entrepreneurs should, all things being equal, give preference to veterans who have served our country. You will not be disappointed.